TitleServ National, a Woodbury, N.Y., provider of title insurance, appraisal and settlement services, apparently got out of the business on April 8, according to industry sources.
A person who answered a call to the company's offices said it had no comment.
Elliot Foo, the president and chief executive of Closing USA, one of TitleServ's competitors, said it is becoming more and more difficult for midsize players like TitleServ and his firm to compete against the large national service providers on one side of the spectrum and the small local firms at the other.
Closing USA is a certified minority company. That helps in terms of meeting the national mortgage lender's capital requirements and allows it to compete for business against the larger players.
Lenders are becoming more concerned with the strength and viability of the firms they use to fund their loans, Foo said.
On the other hand, the smaller players, because of the local touch they have, especially in terms of search functions and closings, are able to maintain a competitive position.
Foo added that one never wants to see anyone have to leave the business.
